Sometimes the closing date of the home you are selling may not match the closing date of the home you are buying. Bridgewater Bank offers bridge financing, also known as interim financing, to help finance your new mortgage for up to 30 days while you wait for your current home’s sale to close.
For example, if the move in date for your new home is June 1, but your current home’s sale closing date is not until June 20, Bridgewater Bank will fund the new home mortgage in the interim as long as you have enough equity in your existing home. When your home sale closes, the proceeds of the sale can be transferred.
Borrowers like bridge financing because it can help their home financing process go more smoothly by offering buyers extra days to move into their new home before they have to be out of their old home. Bridge financing is a short term loan.
Contact us today for further details and applicable rates and fees.
(1) This feature may not be available on all mortgage products.